Earnings release
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Ameriprise Financial, Inc.Minneapolis, MNNYSE: AMPOctober 30, 2025 Ameriprise Financial Reports Third Quarter 2025 Results Earnings Per Diluted Share Return on Equity, ex AOCI Q3 2025 Q3 2025 GAAP $9.33 GAAP 50.9% Adjusted Operating $9.87 Adjusted Operating 52.8% Adjusted Operating, excludingunlocking $9.92 Adjusted Operating, excludingunlocking 52.8% • Third quarter adjusted operating earnings per diluted share increased 22 percent to $9.87. Adjusted operating earnings per diluted share, excluding unlocking increased 12 percent to $9.92. Results reflected continued asset growth and expense discipline. • Third quarter GAAP net income per diluted share was $9.33 compared to $5.00 a year ago. • Assets under management, administration and advisement reached a record high of $1.7 trillion, up 8 percent. • Adjusted operating net revenues increased 9 percent to $4.7 billion primarily from asset growth. Excluding unlocking, adjusted operating net revenues increased 6 percent. • The company has consistently demonstrated strong expense discipline supporting ongoing growth investments. In the quarter, general and administrative expenses improved 3 percent, reflecting benefits from strategic initiatives to drive firm-wide operational transformation, client experience enhancements and future profitability. • Pretax adjusted operating margin was very strong at 26 percent. • The company increased its return of capital to shareholders to $842 million in the quarter, which was 87 percent of adjusted operating earnings, reinforcing its differentiated capital return track record and substantial free cash flow generation. • Balance sheet fundamentals were excellent with significant excess capital and holding company available liquidity, as well as a best-in-class adjusted operating return on equity of 53 percent. • J.D. Power recognized Ameriprise for providing “an outstanding customer service experience” for phone support - for the seventh consecutive year for advisors and second consecutive year for clients. • Newsweek recently recognized Ameriprise as one of “America’s Greatest Companies” for 2025. Perspective from JimCracchiolo, Chairman andChief Executive Officer “Ameriprise delivered astrong third quarter. Acrossthe firm, we’re focused ondelivering an excellent clientexperience supported by ourdistinctive combination ofhigh-quality advice, solutionsand capabilities. Our strategic investments,disciplined expensemanagement and strongfinancial foundation help usto effectively navigate andgrow across market cycles. We consistently generatevalue with good revenue andearnings growth andattractive margins. Thisperformance iscomplemented by ourexcellent free cash flow anddifferentiated capital return. The Ameriprise team and Iare proud of what we haveachieved since becoming anindependent, public company20 years ago, includingdelivering the number onetotal shareholder return withinthe S&P 500 Financials Indexduring that time. As we look ahead, we’refocused on serving ourclients exceptionally wellwhile positioning the firm tocontinue to drive shareholdervalue in an increasingly fluideconomic and marketenvironment.” (1) (2) (2) (2) (2) (1) (3)
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Return on equity excluding AOCI is calculated on a trailing 12-month basis. Excludes unlocking. Unlocking impacts reflect both the company’s annual review of insurance and annuity valuation assumptions and model changes. Bloomberg - ranking calculated based on members of the S&P 500 Financials Index as of Sept. 30, 2005, that were still members as of Sept. 30. 2025. (1) (2) (3) 1
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Ameriprise Financial, Inc. Third Quarter Summary Quarter EndedSeptember 30, % Better/(Worse) Year-to-dateSeptember 30, % Better/(Worse)(in millions, except per share amounts, unaudited) 2025 2024 2025 2024 GAAP net income $ 912 $ 511 78% $ 2,555 $ 2,330 10% Adjusted operating earnings (see reconciliation on p. 24 & 25) $ 965 $ 828 17% $ 2,815 $ 2,588 9% Adjusted operating earnings, excluding unlocking(see reconciliation on p. 24 & 25) $ 970 $ 902 8% $ 2,820 $ 2,662 6% GAAP net income per diluted share $ 9.33 $ 5.00 87% $ 25.83 $ 22.53 15% Adjusted operating earnings per diluted share (see reconciliation on p. 24 & 25) $ 9.87 $ 8.10 22% $ 28.46 $ 25.03 14% Adjusted operating earnings per diluted share,excluding unlocking (see reconciliation on p. 24 & 25)$ 9.92 $ 8.83 12% $ 28.51 $ 25.74 11% GAAP Return on Equity, ex. AOCI 50.9 % 40.1 % 50.9 % 40.1 % Adjusted Operating Return on Equity, ex. AOCI (see reconciliation on p. 27) 52.8 % 49.6 % 52.8 % 49.6 % Adjusted Operating Return on Equity, ex. AOCI andunlocking (see reconciliation on p. 27) 52.8 % 50.7 % 52.8 % 50.7 % Weighted average common shares outstanding: Basic 96.3 100.4 97.4 101.6 Diluted 97.8 102.2 98.9 103.4 Third quarter 2025 GAAP results included unfavorable market impacts on the valuation of derivatives and market risk benefits, while the prior-year quarter included larger unfavorable market impacts on the valuation of derivatives and market risk benefits. The company completed its unlocking update in the quarter, which resulted in a favorable after-tax impact of $17 million, or $0.17 per share, on a GAAP basis and an unfavorable after-tax impact of $5 million, or $0.05 per share, on an adjusted operating basis. 2
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Ameriprise Financial, Inc. Advice & Wealth Management Segment Adjusted Operating Results Quarter Ended September 30, % Better/(Worse)(in millions, unaudited) 2025 2024 Adjusted operating net revenues $ 2,990 $ 2,742 9% Distribution expenses 1,656 1,488 (11)% Interest and debt expense 14 9 (56)% General and administrative expenses 439 419 (5)% Adjusted operating expenses 2,109 1,916 (10)% Pretax adjusted operating earnings $ 881 $ 826 7% Pretax adjusted operating margin 29.5 % 30.1 % (60) bps Quarter Ended September 30, % Better/(Worse)(in billions, unless otherwise noted) 2025 2024 Total client assets $ 1,138 $ 1,024 11% Total client net flows $ 3.4 $ 8.6 (60)% Wrap assets $ 650 $ 569 14% Wrap net flows $ 4.8 $ 8.0 (40)% Cash sweep balances $ 27.1 $ 27.5 (1)% Adjusted operating net revenue per advisor (TTM in thousands) $ 1,093 $ 997 10% Advice & Wealth Management generated strong underlying growth and performance with pretax adjusted operating earnings of $881 million, up 7 percent, with a margin of 29.5 percent. Core earnings increased in the upper-teen percentage range, benefiting from higher equity markets, the cumulative impact of wrap net inflows and well controlled expenses, while spread earnings declined as expected. Adjusted operating net revenues increased 9 percent to $3.0 billion from higher client assets and transactional activity. Adjusted operating expenses increased 10 percent to $2.1 billion, primarily driven by consistent growth in advisor productivity. General and administrative expenses were in line with expectations, up 5 percent to $439 million, primarily driven by volume- and growth-related expenses, offset by strong expense discipline. Underlying performance metrics remained strong across all measures, reflecting the strength of the Ameriprise client experience and the company’s focus on helping advisors drive productivity growth through industry-leading tools, solutions and support. • Adjusted operating net revenue per advisor on a trailing 12-month basis reached a new high of $1.1 million, up 10 percent from enhanced productivity, business growth and market appreciation. • Experienced advisor recruiting accelerated with 90 experienced advisors moving their practices to Ameriprise in the quarter. • Transactional activity increased 4 percent compared to the prior year. • Cash sweep balances were stable at $27.1 billion compared to $27.4 billion in the prior quarter. • Bank assets grew 5 percent to $24.3 billion, providing sustainable net investment income in this forecasted lower rate environment. Bank net investment income remained stable, which is consistent with our expectation for the full year. • Total client assets grew 11 percent to a record high of $1.1 trillion and wrap assets increased 14 percent to a record high of $650 billion. Total client net flows excluding the impact of two large advisor practices departing in the quarter improved sequentially to $6.5 billion. Wrap net flows excluding these departures and a one-time administrative change were solid at $8.0 billion. 3
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Ameriprise Financial, Inc. Asset Management Segment Adjusted Operating Results Quarter Ended September 30, % Better/(Worse)(in millions, unaudited) 2025 2024 Adjusted operating net revenues $ 906 $ 882 3% Distribution expenses 254 250 (2)% Amortization of deferred acquisition costs 2 2 —% Interest and debt expense 3 2 (50)% General and administrative expenses 387 383 (1)% Adjusted operating expenses 646 637 (1)% Pretax adjusted operating earnings $ 260 $ 245 6% Net pretax adjusted operating margin 42.1 % 40.9 % Quarter Ended September 30, % Better/(Worse)(in billions) 2025 2024 Assets Under Management and Advisement $ 714 $ 705 1% Net Flows Global Retail net AUM flows, ex. legacy insurance partners $ (2.8) $ (2.7) (4)% Model delivery AUA flows 1.7 1.3 31% Total retail net AUM flows and model delivery AUA flows (1.1) (1.4) 21% Global Institutional net AUM flows, ex. legacy insurance partners (1.4) — —% Legacy insurance partners AUM flows (0.9) (0.9) (4)% Total Net AUM and AUA flows $ (3.4) $ (2.3) (45)% See reconciliation on page 13. Model Delivery Assets Under Advisement are presented on a one-quarter lag. Flows are estimated based on the period-to-period change in assets lesscalculated performance based on strategy returns. Q3’25 includes $1.0 billion of inflows from an institutional client. Asset Management adjusted operating net revenues were $906 million. Pretax adjusted operating earnings increased 6 percent to $260 million, reflecting equity market appreciation and the positive impact from expense management actions, partially offset by net outflows. Net pretax adjusted operating margin improved 120 basis points to 42 percent. The underlying fee rate remained stable. Adjusted operating expenses increased 1 percent, with general and administrative expenses up only 1 percent. This reflected benefits from global operational transformation initiatives, while continuing to invest for growth. Assets under management and advisement increased to $714 billion, up 1 percent year-over-year and 4 percent sequentially. Net outflows were $3.4 billion, a notable improvement from the prior quarter across both retail and institutional. • Retail and model delivery net outflows were $1.1 billion, primarily reflecting higher gross sales. Results reflected inflows in model delivery, as well as stronger flow rates in North America relative to other active peers, with outperformance in equities and improvement in fixed income. • Institutional net outflows improved sequentially to $1.4 billion. • Outflows related to legacy insurance partners were $0.9 billion. (1) (2) (2) (2) (2) (1) (2) 4
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Ameriprise Financial, Inc. Retirement & Protection Solutions Segment Adjusted Operating Results Quarter Ended September 30, % Better/(Worse)(in millions, unaudited) 2025 2024 Adjusted operating net revenues $ 1,102 $ 973 13% Adjusted operating expenses 885 855 (4)% Pretax adjusted operating earnings $ 217 $ 118 84% Unlocking 17 (90) NM Pretax adjusted operating earnings, excluding unlocking $ 200 $ 208 (4)% NM Not Meaningful - variance equal to or greater than 100% Retirement & Protection Solutions pretax adjusted operating earnings, excluding unlocking were $200 million, reflecting continued benefits from strong interest earnings and higher equity markets. Retirement & Protection Solutions sales were $1.4 billion, with continued strong client demand for structured variable annuities. These high-quality books of business continued to generate strong free cash flow with excellent risk-adjusted returns and continued to be an important contributor to our diversified business model. 5
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Ameriprise Financial, Inc. Corporate & Other Segment Adjusted Operating Results Quarter Ended September 30, % Better/(Worse)(in millions, unaudited) 2025 2024 Corporate & Other $ (87) $ (145) 40% Closed Blocks (29) 2 NM Pretax adjusted operating earnings/(loss) $ (116) $ (143) 19% Unlocking (23) (4) NM Pretax adjusted operating earnings, excluding unlocking $ (93) $ (139) 33% Long Term Care, excluding unlocking $ 4 $ 13 (69)% Fixed Annuities, excluding unlocking (10) (7) (43)% Pretax adjusted operating earnings/(loss), excluding unlocking $ (6) $ 6 NM Long Term Care and Fixed Annuities. NM Not Meaningful - variance equal to or greater than 100% Corporate & Other, excluding Closed Blocks pretax adjusted operating loss was in line with expectations at $87 million. Long Term Care pretax adjusted operating earnings, excluding unlocking were $4 million, a continuation of a solid performance trend. Fixed Annuities pretax adjusted operating loss, excluding unlocking was $10 million. Taxes The operating effective tax rate was 22.3 percent. The operating effective tax rate is expected to be 20 to 22 percent for full year 2025. Contacts Investor Relations: Media Relations: Stephanie M. Rabe Paul W. Johnson Ameriprise Financial Ameriprise Financial (612) 671-4085 (612) 671-0625 stephanie.m.rabe@ampf.com paul.w.johnson@ampf.com (1) (1) 6
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About Ameriprise Financial At Ameriprise Financial, we have been helping people feel confident about their financial future for more than 130 years. With extensive investment advice, global asset management capabilities and insurance solutions, and a nationwide network of more than 10,000 financial advisors, we have the strength and expertise to serve the full range of individual and institutional investors' financial needs. Ameriprise Financial Services, LLC offers financial planning services, investments, insurance and annuity products. Columbia Funds are distributed by Columbia Management Investment Distributors, Inc., member FINRA and managed by Columbia Management Investment Advisers, LLC. Threadneedle International Limited, Columbia Threadneedle Asset Managers Limited, Columbia Threadneedle (EM) Investments Limited, and Pyrford International Ltd, are SEC- and FCA-registered investment adviser affiliates of Columbia Management Investment Advisers, LLC based in the U.K. RiverSource insurance and annuity products are issued by RiverSource Life Insurance Company, and in New York only by RiverSource Life Insurance Co. of New York, Albany, New York. Only RiverSource Life Insurance Co. of New York is authorized to sell insurance and annuity products in the state of New York. These companies are part of Ameriprise Financial, Inc. CA License #0684538. RiverSource Distributors, Inc. (Distributor), Member FINRA. Non-GAAP Financial Measures The company believes the presentation of adjusted operating measures and other non-GAAP financial measures, and the corresponding ratios, best represents the underlying performance of our core operations and facilitates a more meaningful trend analysis without the distortion of various adjustment items. Management uses non-GAAP financial measures to evaluate our financial performance on a basis comparable to that used by some securities analysts and investors and to provide a valuable perspective for investors. These non-GAAP financial measures are taken into consideration, to varying degrees, for purposes of business planning and analysis and for certain compensation-related matters. Non-GAAP financial measures are intended to supplement investors’ understanding of our performance and should not be considered alternatives for financial measures presented in accordance with GAAP. These measures are discussed in more detail below and may not be comparable to other companies’ similarly titled non-GAAP financial measures. Non-GAAP financial measure reconciliations can be found on the subsequent pages. Forward-Looking Statements This news release contains forward-looking statements that reflect management’s plans, estimates and beliefs. Actual results could differ materially from those described in these forward-looking statements. Examples of such forward-looking statements include: • statements of the company’s plans, intentions, positioning, expectations, objectives or goals, including those relating to asset flows, mass affluent and affluent client acquisition strategy, client retention and growth of our client base, financial advisor productivity, retention, recruiting and enrollments, the introduction, cessation, terms or pricing of new or existing products and services, general and administrative costs, net pretax adjusted operating margin, consolidated tax rate, return of capital to shareholders, and excess capital position and financial flexibility to capture additional growth opportunities; • other statements about future economic performance, the performance of equity markets and interest rate forecasts or variations, and the economic performance of the United States and of global markets; • statements regarding Ameriprise Bank’s expected net investment income; • statements estimating the expected full year 2025 operating effective tax rate; and • statements of assumptions underlying such statements. 7
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The words “believe,” “expect,” “anticipate,” “optimistic,” “intend,” “plan,” “aim,” “will,” “may,” “should,” “could,” “would,” “likely,” “forecast,” “on track,” “project,” ”continue,” “able to remain”, “resume,” “deliver,” “develop,” “evolve,” “drive,” ”enable,” “flexibility,” “commitment,” “scenario,” “case,” “appear,” “expands” and similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements. Forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from such statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. Management cautions readers to carefully consider the risks described in the “Risk Factors” discussion under Part 1, Item 1A of and elsewhere in our Annual Report on Form 10-K for the year ended December 31, 2024 available at ir.ameriprise.com. Management undertakes no obligation to update publicly or revise any forward-looking statements. The financial results discussed in this news release represent past performance only, which may not be used to predict or project future results. The financial results and values presented in this news release are based upon asset valuations that represent estimates as of the date of this news release and may be revised in the company’s Form 10-Q for the period ended September 30, 2025. Ameriprise Financial announces financial and other information to investors through the company’s investor relations website at ir.ameriprise.com, as well as SEC filings, press releases, public conference calls and webcasts. Investors and others interested in the company are encouraged to visit the investor relations website from time to time, as information is updated and new information is posted. The website also allows users to sign up for automatic notifications in the event new materials are posted. The information found on the website is not incorporated by reference into this release or in any other report or document the company furnishes or files with the SEC. Credential Sources J.D. Power: J.D. Power 2025 Certified Customer Service Program recognition is based on successful completion of an operational evaluation and exceeding a customer satisfaction benchmark through a survey of recent servicing interactions. J.D. Power certified Ameriprise customer satisfaction performance for advisors and clients in these factors: satisfaction with the IVR routing process, and the customer service representative which includes knowledge, courtesy, concern, promptness in getting to a representative, and timeliness of resolution in addition to overall satisfaction. Ameriprise paid a fee to J.D. Power to have their advisor and client support experience independently certified through this program and cite the results. Ameriprise’s public use of the certification is subject to a license fee. For more information, visit www.jdpower.com/awards. Newsweek: Newsweek partnered with Plant-A Insights Group to recognize America’s Greatest Companies – U.S. companies operating with strong business performance. Plant-A conducted an analysis of public companies listed on any of the U.S. Exchanges, with greater than $75M in 2024 revenue and with their main office located in the U.S, between August and November 2024. The companies were evaluated across four key categories: stock and financial performance, American workforce performance, innovation and sustainability performance. Ameriprise did not pay a fee to be evaluated, but did pay a fee to publicly cite the results. Find more information at https://rankings.newsweek.com/americas-greatest-companies-2025. SM 8
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Ameriprise Financial, Inc. Consolidated GAAP Results (in millions, except per share amounts, unaudited) 3 Qtr 2025 3 Qtr 2024 % Better/(Worse) 2 Qtr 2025 % Better/(Worse) Revenues Management and financial advice fees $ 2,811 $ 2,573 9% $ 2,600 8% Distribution fees 539 513 5% 502 7% Net investment income 920 934 (1)% 891 3% Premiums, policy and contract charges 493 409 21% 361 37% Other revenues 130 131 (1)% 136 (4)% Total revenues 4,893 4,560 7% 4,490 9% Banking and deposit interest expense 102 163 37% 115 11% Total net revenues 4,791 4,397 9% 4,375 10% Expenses Distribution expenses 1,714 1,539 (11)% 1,596 (7)% Interest credited to fixed accounts 141 118 (19)% 95 (48)% Benefits, claims, losses and settlement expenses 343 430 20% 257 (33)% Remeasurement (gains) losses of future policybenefit reserves 22 (22) NM (3) NM Change in fair value of market risk benefits 302 566 47% (10) NM Amortization of deferred acquisition costs 60 59 (2)% 60 —% Interest and debt expense 84 87 3% 82 (2)% General and administrative expense 951 975 2% 947 —% Total expenses 3,617 3,752 4% 3,024 (20)% Pretax income 1,174 645 82% 1,351 (13)% Income tax provision 262 134 96% 291 (10)% Net income $ 912 $ 511 78% $ 1,060 (14)% Earnings per share Basic earnings per share $ 9.47 $ 5.09 $ 10.88 Earnings per diluted share $ 9.33 $ 5.00 $ 10.73 Weighted average common shares outstanding Basic 96.3 100.4 97.4 Diluted 97.8 102.2 98.8 NM Not Meaningful - variance equal to or greater than 100% 9
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Ameriprise Financial, Inc. Consolidated Highlights and Capital Summary (in millions unless otherwise noted, unaudited) 3 Qtr 2025 3 Qtr 2024 % Better/(Worse) 2 Qtr 2025 % Better/(Worse) Assets Under Management, Administration and Advisement Advice & Wealth Management AUM $ 646,382 $ 565,152 14% $ 611,333 6% Asset Management AUM 674,720 672,110 —% 654,224 3% Corporate AUM 774 523 48% 653 19% Eliminations (47,812) (45,839) (4)% (46,255) (3)% Assets Under Management 1,274,064 1,191,946 7% 1,219,955 4% Assets Under Administration 347,923 314,173 11% 331,045 5% Assets Under Advisement (net of eliminations) 37,522 31,864 18% 33,767 11% Total Assets Under Management, Administrationand Advisement $ 1,659,509 $ 1,537,983 8% $ 1,584,767 5% S&P 500 Daily average 6,427 5,546 16% 5,728 12% Period end 6,688 5,762 16% 6,205 8% Weighted Equity Index (WEI) Daily average 4,055 3,528 15% 3,638 11% Period end 4,210 3,664 15% 3,921 7% Common shares Beginning balance 94.4 98.4 (4)% 95.5 (1)% Repurchases (1.4) (1.3) (8)% (1.1) (27)% Issuances 0.2 0.2 —% — —% Other (0.1) (0.1) —% — —% Total common shares outstanding 93.1 97.2 (4)% 94.4 (1)% Restricted stock units 2.4 2.5 (4)% 2.4 —% Total basic common shares outstanding 95.5 99.7 (4)% 96.8 (1)% Total potentially dilutive shares 1.5 1.9 (21)% 1.5 —% Total diluted shares 97.0 101.6 (5)% 98.3 (1)% Capital Returned to Shareholders Dividends paid $ 155 $ 150 3% $ 158 (2)% Common stock share repurchases 687 563 22% 573 20% Total Capital Returned to Shareholders $ 842 $ 713 18% $ 731 15% Assets reported on a one quarter lag. Weighted Equity Index is an Ameriprise calculated proxy for equity market movements calculated using a weighted average of the S&P500, Russell 2000, Russell Midcap and MSCI EAFE indices based on North America distributed equity assets. (1) (2) (1) (2) 10
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Ameriprise Financial, Inc. Advice & Wealth Management Segment Adjusted Operating Results (in millions, unaudited) 3 Qtr 2025 3 Qtr 2024 % Better/(Worse) 2 Qtr 2025 % Better/(Worse) Revenues Management and financial advice fees: Advisory fees $ 1,664 $ 1,451 15% $ 1,517 10% Financial planning fees 120 111 8% 120 —% Transaction and other fees 102 97 5% 100 2% Total management and financial advice fees 1,886 1,659 14% 1,737 9% Distribution fees: Mutual funds 227 209 9% 212 7% Insurance and annuity 268 266 1% 258 4% Off-Balance sheet brokerage cash 21 32 (34)% 25 (16)% Other products 126 107 18% 108 17% Total distribution fees 642 614 5% 603 6% Net investment income 485 554 (12)% 496 (2)% Other revenues 79 78 1% 86 (8)% Total revenues 3,092 2,905 6% 2,922 6% Banking and deposit interest expense 102 163 37% 115 11% Adjusted operating total net revenues 2,990 2,742 9% 2,807 7% Expenses Distribution expenses 1,656 1,488 (11)% 1,546 (7)% Interest and debt expense 14 9 (56)% 14 —% General and administrative expense 439 419 (5)% 435 (1)% Adjusted operating expenses 2,109 1,916 (10)% 1,995 (6)% Pretax adjusted operating earnings $ 881 $ 826 7% $ 812 8% Pretax adjusted operating margin 29.5 % 30.1 % 28.9 % 11
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Ameriprise Financial, Inc. Advice & Wealth Management Segment Operating Metrics (in millions unless otherwise noted, unaudited) 3 Qtr 2025 3 Qtr 2024 % Better/(Worse) 2 Qtr 2025 % Better/(Worse) AWM Total Client Assets $ 1,138,392 $ 1,024,467 11% $ 1,083,821 5% Total Client Flows $ 3,442 $ 8,613 (60)% $ 4,281 (20)% Total Wrap Accounts Beginning assets $ 615,189 $ 534,990 15% $ 572,771 7% Net flows 4,769 7,992 (40)% 5,378 (11)% Market appreciation (depreciation) and other 30,344 26,072 16% 37,040 (18)% Total wrap ending assets $ 650,302 $ 569,054 14% $ 615,189 6% Advisory wrap account assets ending balance $ 644,436 $ 563,438 14% $ 609,486 6% AWM Cash Balances On-balance sheet (Net Investment Income) On-balance sheet - bank $ 22,593 $ 21,731 4% $ 22,497 —% On-balance sheet - certificate 8,936 11,998 (26)% 9,892 (10)% On-balance sheet - broker dealer 2,119 2,633 (20)% 2,187 (3)% Total on-balance sheet 33,648 36,362 (7)% 34,576 (3)% Off-balance sheet (Distribution Fees) Off-balance sheet - broker dealer 3,216 3,714 (13)% 3,396 (5)% Total AWM Cash Balances $ 36,864 $ 40,076 (8)% $ 37,972 (3)% Bank - Net Investment Income Average interest-bearing assets $ 23,986 $ 23,286 3% $ 24,194 (1)% Gross fee yield 4.67 % 4.89 % 4.73 % Certificates - Net Investment Income Average interest-bearing assets $ 10,038 $ 13,101 (23)% $ 11,009 (9)% Gross fee yield 5.00 % 5.60 % 5.02 % Other - Net Investment Income Average interest-bearing assets $ 5,176 $ 5,343 (3)% $ 4,863 6% Gross fee yield 5.90 % 6.28 % 6.06 % Off-balance sheet - broker dealer - DistributionFees Average balances $ 3,297 $ 3,920 (16)% $ 3,752 (12)% Net fee yield 2.51 % 3.28 % 2.72 % Advisory wrap account assets represent those assets for which clients receive advisory services and are the primary driver of revenueearned on wrap accounts. Clients may hold non-advisory investments in their wrap accounts that do not incur an advisory fee. Gross fee yield is calculated using amortized cost of investments. Prior to Q1 2025, it was calculated using fair value of investments.Prior periods have been restated to conform with current presentation. (1) (2) (2) (2) (1) (2) 12
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Ameriprise Financial, Inc. Asset Management Segment Adjusted Operating Results (in millions, unaudited) 3 Qtr 2025 3 Qtr 2024 % Better/(Worse) 2 Qtr 2025 % Better/(Worse) Revenues Management and financial advice fees: Asset management fees: Retail $ 557 $ 540 3% $ 515 8% Institutional 140 143 (2)% 131 7% Model delivery 24 21 14% 23 4% Transaction and other fees 52 52 —% 50 4% Revenue from other sources 2 4 (50)% 2 —% Total management and financial advice fees 775 760 2% 721 7% Distribution fees: Mutual funds 58 57 2% 53 9% Insurance and annuity 40 41 (2)% 38 5% Total distribution fees 98 98 —% 91 8% Net investment income 26 17 53% 14 86% Other revenues 7 7 —% 4 75% Total revenues 906 882 3% 830 9% Banking and deposit interest expense — — —% — —% Adjusted operating total net revenues 906 882 3% 830 9% Expenses Distribution expenses 254 250 (2)% 240 (6)% Amortization of deferred acquisition costs 2 2 —% 1 NM Interest and debt expense 3 2 (50)% 3 —% General and administrative expense 387 383 (1)% 364 (6)% Adjusted operating expenses 646 637 (1)% 608 (6)% Pretax adjusted operating earnings $ 260 $ 245 6% $ 222 17% Net Pretax Adjusted Operating Margin Reconciliation Adjusted operating total net revenues $ 906 $ 882 3% $ 830 9% Distribution pass through revenues (202) (198) (2)% (190) (6)% Subadvisory and other pass through revenues (112) (104) (8)% (99) (13)% Net adjusted operating revenues 592 580 2% 541 9% Pretax adjusted operating earnings $ 260 $ 245 6% $ 222 17% Adjusted operating net investment income (26) (17) (53)% (14) (86)% Amortization of intangibles 15 9 67% 3 NM Net adjusted operating earnings $ 249 $ 237 5% $ 211 18% Pretax adjusted operating margin 28.7 % 27.8 % 26.7 % Net pretax adjusted operating margin 42.1 % 40.9 % 39.0 % Total Performance fees Performance fees $ 2 $ — —% $ 2 —% General and administrative expense related toperformance fees — — —% 1 NM Net performance fees $ 2 $ — —% $ 1 NM Includes revenue from separate accounts that qualify as investment contracts under insurance accounting standards. Calculated as net adjusted operating earnings as a percentage of net adjusted operating revenues. Performance fees do not include CLO incentive fees. NM Not Meaningful - variance equal to or greater than 100% (1) (2) (3) (1) (2) (3) 13
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Ameriprise Financial, Inc. Asset Management Segment Operating Metrics (in millions, unaudited) 3 Qtr 2025 3 Qtr 2024 % Better/(Worse) 2 Qtr 2025 % Better/(Worse) Managed Assets Rollforward Global Retail Funds Beginning assets $ 361,696 $ 347,460 4% $ 340,353 6% Inflows 14,762 13,129 12% 13,768 7% Outflows (17,593) (15,724) (12)% (18,152) 3% Net VP/VIT fund flows (1,760) (1,741) (1)% (1,567) (12)% Net new flows (4,591) (4,336) (6)% (5,951) 23% Reinvested dividends 1,684 1,579 7% 2,290 (26)% Net flows (2,907) (2,757) (5)% (3,661) 21% Distributions (1,808) (1,770) (2)% (2,525) 28% Market appreciation (depreciation) and other 22,760 15,521 47% 23,343 (2)% Foreign currency translation (1,435) 3,965 NM 4,186 NM Total ending assets 378,306 362,419 4% 361,696 5% % of total retail assets sub-advised 13.2 % 16.2 % 14.3 % Global Institutional Beginning assets 292,528 294,420 (1)% 281,025 4% Inflows 9,156 8,168 12% 10,103 (9)% Outflows (11,421) (8,989) (27)% (15,621) 27% Net flows (2,265) (821) NM (5,518) 59% Market appreciation (depreciation) and other 8,975 7,840 14% 8,800 2% Foreign currency translation (2,824) 8,252 NM 8,221 NM Total ending assets 296,414 309,691 (4)% 292,528 1% Total managed assets $ 674,720 $ 672,110 —% $ 654,224 3% Total Assets Under Advisement 39,443 33,297 18% 35,499 NM Total Assets Under Management &Advisement $ 714,163 $ 705,407 1% $ 689,723 4% Total AUM net flows $ (5,172) $ (3,578) (45)% $ (9,179) 44% Model delivery AUA flows 1,731 1,212 43% 422 NM Total AUM and AUA Flows $ (3,441) $ (2,366) (45)% $ (8,757) 61% Legacy insurance partners flows $ (903) $ (869) (4)% $ (850) (6)% Amounts represent local currency to U.S. dollar translation for reporting purposes. Global Institutional inflows and outflows include net flows from our RiverSource Structured Annuity product and Ameriprise Bank, FSB. Included in Market appreciation (depreciation) and other for Global Institutional is the change in affiliated general account balanceexcluding net flows related to our Structured Annuity product and Ameriprise Bank, FSB. Assets are presented on a one-quarter lag. AUA flows are estimated flows based on the period-to-period change in assets less calculated performance based on strategy returns ona one-quarter lag. NM Not Meaningful - variance equal to or greater than 100% (1) (2) (2) (3) (1) (4) (5) (5) (1) (2) (3) (4) (5) 14
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Ameriprise Financial, Inc. Asset Management Segment Operating Metrics (in millions, unaudited) 3 Qtr 2025 3 Qtr 2024 % Better/(Worse) 2 Qtr 2025 % Better/(Worse) Total Managed Assets by Type Equity $ 368,610 $ 353,812 4% $ 351,184 5% Fixed income 234,682 243,533 (4)% 232,840 1% Money market 21,545 21,672 (1)% 22,309 (3)% Alternative 29,281 33,303 (12)% 28,525 3% Hybrid and other 20,602 19,790 4% 19,366 6% Total managed assets by type $ 674,720 $ 672,110 —% $ 654,224 3% Average Managed Assets by Type Equity $ 358,062 $ 347,466 3% $ 334,024 7% Fixed income 232,013 235,845 (2)% 230,335 1% Money market 21,922 22,213 (1)% 21,463 2% Alternative 28,644 33,388 (14)% 28,054 2% Hybrid and other 20,106 19,457 3% 18,914 6% Total average managed assets by type $ 660,747 $ 658,369 —% $ 632,790 4% Average ending balances are calculated using the average of the prior period’s ending balance and all months in the current period. Ameriprise Financial, Inc. Asset Management Segment Performance Metrics 3 Qtr 2025 Retail Fund Rankings in Top 2 Quartiles or AboveIndex Benchmark - Asset Weighted 1 year 3 year 5 year 10 year Equity 65% 72% 76% 82% Fixed Income 66% 87% 83% 91% Asset Allocation 76% 81% 69% 95% 4- or 5-star Morningstar rated funds Overall 3 year 5 year 10 year Number of Rated Funds 104 74 75 84 Retail Fund performance rankings for each fund are measured on a consistent basis against the most appropriate peer group or index. Peer groupings of Columbia funds are defined by Lipper category and are based on the Primary Share Class (i.e., Institutional if available, otherwise Institutional 3 share class), net of fees. Peer groupings of Threadneedle are defined by either IA or Morningstar index and are based on Primary Share Class. Comparisons to Index are measured Gross of Fees. To calculate asset weighted performance, the sum of the total assets of the funds with above median ranking are divided by total assets of all funds. Funds with more assets will receive a greater share of the total percentage above or below median. Aggregated Asset Allocation Funds may include funds that invest in other Columbia or Threadneedle branded mutual funds included in both equity and fixed income. Morningstar as of 09/30/25. Columbia funds are available for purchase by U.S. customers. Out of 89 Columbia funds rated (based on primary share class), 1 received a 5-star Overall Rating and 46 received a 4-star Overall Rating. Out of 134 Threadneedle funds rated (based on highest-rated share class), 11 received a 5-star Overall Rating and 46 received a 4-star Overall Rating. The Overall Morningstar Rating is derived from a weighted average of the performance figures associated with its 3-, 5- and 10-year (if applicable) Morningstar Rating metrics. Not all funds are available in all jurisdictions, to all investors or through all firms. © 2025 Morningstar. All rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. (1) (1) 15
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Ameriprise Financial, Inc. Retirement & Protection Solutions Segment Adjusted Operating Results (in millions, unaudited) 3 Qtr 2025 3 Qtr 2024 % Better/(Worse) 2 Qtr 2025 % Better/(Worse) Revenues Management and financial advice fees $ 192 $ 196 (2)% $ 183 5% Distribution fees 105 106 (1)% 101 4% Net investment income 326 281 16% 309 6% Premiums, policy and contract charges 479 388 23% 342 40% Other revenues — 2 NM 1 NM Total revenues 1,102 973 13% 936 18% Banking and deposit interest expense — — —% — —% Adjusted operating total net revenues 1,102 973 13% 936 18% Expenses Distribution expenses 134 131 (2)% 126 (6)% Interest credited to fixed accounts 95 92 (3)% 93 (2)% Benefits, claims, losses and settlement expenses 256 253 (1)% 209 (22)% Remeasurement (gains) losses of future policybenefit reserves (9) (25) (64)% (7) 29% Change in fair value of market risk benefits 257 257 —% 153 (68)% Amortization of deferred acquisition costs 56 57 2% 58 3% Interest and debt expense 11 11 —% 11 —% General and administrative expense 85 79 (8)% 79 (8)% Adjusted operating expenses 885 855 (4)% 722 (23)% Pretax adjusted operating earnings $ 217 $ 118 84% $ 214 1% NM Not Meaningful - variance equal to or greater than 100% 16
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Ameriprise Financial, Inc. Retirement & Protection Solutions Segment Operating Metrics (in millions, unaudited) 3 Qtr 2025 3 Qtr 2024 % Better/(Worse) 2 Qtr 2025 % Better/(Worse) Variable Annuities Rollforwards Beginning balance $ 87,840 $ 84,534 4% $ 83,509 5% Deposits 1,256 1,231 2% 1,243 1% Withdrawals and terminations (2,387) (2,190) (9)% (2,191) (9)% Net flows (1,131) (959) (18)% (948) (19)% Investment performance and interest credited 4,241 4,078 4% 5,279 (20)% Total ending balance - contract accumulationvalues $ 90,950 $ 87,653 4% $ 87,840 4% Variable annuities fixed sub-accounts $ 3,493 $ 3,837 (9)% $ 3,588 (3)% Life Insurance In Force $ 197,593 $ 198,198 —% $ 197,825 —% Net Amount at Risk (Life) $ 37,241 $ 37,895 (2)% $ 37,749 (1)% Net Policyholder Reserves VUL/UL $ 17,144 $ 15,984 7% $ 16,553 4% Term and whole life 168 182 (8)% 168 —% Disability insurance 457 503 (9)% 464 (2)% Other insurance 488 513 (5)% 491 (1)% Total net policyholder reserves $ 18,257 $ 17,182 6% $ 17,676 3% DAC Ending Balances Variable Annuities DAC $ 1,646 $ 1,684 (2)% $ 1,656 (1)% Life and Health DAC $ 946 $ 955 (1)% $ 949 —% 17
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Ameriprise Financial, Inc. Corporate Segment Adjusted Operating Results (in millions, unaudited) 3 Qtr 2025 3 Qtr 2024 % Better/(Worse) 2 Qtr 2025 % Better/(Worse) Corporate Excluding Long Term Care and FixedAnnuities Adjusted Operating Income Statements Revenues Management and financial advice fees $ — $ — —% $ — —% Distribution fees — — —% — —% Net investment income (7) (4) (75)% 3 NM Premiums, policy and contract charges — — —% — —% Other revenues 2 1 NM 2 —% Total revenues (5) (3) (67)% 5 NM Banking and deposit interest expense 9 7 (29)% 8 (13)% Adjusted operating total net revenues (14) (10) (40)% (3) NM Expenses Distribution expenses — — —% — —% Interest credited to fixed accounts — — —% — —% Benefits, claims, losses and settlement expenses — — —% — —% Remeasurement (gains) losses of future policybenefit reserves — — —% — —% Change in fair value of market risk benefits — — —% — —% Amortization of deferred acquisition costs — — —% — —% Interest and debt expense 23 30 23% 23 —% General and administrative expense 50 105 52% 74 32% Adjusted operating expenses 73 135 46% 97 25% Pretax adjusted operating earnings (loss) $ (87) $ (145) 40% $ (100) 13% NM Not Meaningful - variance equal to or greater than 100% 18
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Ameriprise Financial, Inc. Corporate Segment Adjusted Operating Results and Metrics (in millions, unaudited) 3 Qtr 2025 3 Qtr 2024 % Better/(Worse) 2 Qtr 2025 % Better/(Worse) Long Term Care Adjusted Operating IncomeStatements Revenues Management and financial advice fees $ — $ — —% $ — —% Distribution fees — — —% — —% Net investment income 47 49 (4)% 45 4% Premiums, policy and contract charges 22 24 (8)% 22 —% Other revenues — — —% — —% Total revenues 69 73 (5)% 67 3% Banking and deposit interest expense — 1 NM — —% Adjusted operating total net revenues 69 72 (4)% 67 3% Expenses Distribution expenses (2) (4) (50)% (4) (50)% Interest credited to fixed accounts — — —% — —% Benefits, claims, losses and settlement expenses 53 56 5% 52 (2)% Remeasurement (gains) losses of future policy benefitreserves 31 3 NM 4 NM Change in fair value of market risk benefits — — —% — —% Amortization of deferred acquisition costs — — —% — —% Interest and debt expense 4 2 NM 2 NM General and administrative expense 5 6 17% 6 17% Adjusted operating expenses 91 63 (44)% 60 (52)% Pretax adjusted operating earnings (loss) $ (22) $ 9 NM $ 7 NM Long Term Care Policyholder Reserves, net ofreinsurance $ 2,643 $ 2,702 (2)% $ 2,574 3% NM Not Meaningful - variance equal to or greater than 100% 19
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Ameriprise Financial, Inc. Corporate Segment Adjusted Operating Results (in millions, unaudited) 3 Qtr 2025 3 Qtr 2024 % Better/(Worse) 2 Qtr 2025 % Better/(Worse) Fixed Annuities Adjusted Operating IncomeStatements Revenues Management and financial advice fees $ — $ — —% $ — —% Distribution fees — — —% — —% Net investment income 7 8 (13)% 8 (13)% Premiums, policy and contract charges — — —% 1 NM Other revenues 42 44 (5)% 43 (2)% Total revenues 49 52 (6)% 52 (6)% Banking and deposit interest expense — (1) NM — —% Adjusted operating total net revenues 49 53 (8)% 52 (6)% Expenses Distribution expenses — 1 NM 1 NM Interest credited to fixed accounts 51 55 7% 51 —% Benefits, claims, losses and settlement expenses — — —% 1 NM Remeasurement (gains) losses of future policy benefitreserves — — —% — —% Change in fair value of market risk benefits — — —% — —% Amortization of deferred acquisition costs 2 — —% 1 NM Interest and debt expense — — —% 1 NM General and administrative expense 3 4 25% 3 —% Adjusted operating expenses 56 60 7% 58 3% Pretax adjusted operating earnings (loss) $ (7) $ (7) —% $ (6) (17)% NM Not Meaningful - variance equal to or greater than 100% 20
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Ameriprise Financial, Inc. Eliminations Adjusted Operating Results (in millions, unaudited) 3 Qtr 2025 3 Qtr 2024 % Better/(Worse) 2 Qtr 2025 % Better/(Worse) Revenues Management and financial advice fees $ (41) $ (40) (3)% $ (39) (5)% Distribution fees (306) (305) —% (293) (4)% Net investment income (23) (21) (10)% (21) (10)% Premiums, policy and contract charges (8) (9) 11% (9) 11% Other revenues — 1 NM — —% Total revenues (378) (374) (1)% (362) (4)% Banking and deposit interest expense (9) (7) 29% (8) 13% Adjusted operating total net revenues (369) (367) (1)% (354) (4)% Expenses Distribution expenses (327) (327) —% (312) 5% Interest credited to fixed accounts — — —% — —% Benefits, claims, losses and settlement expenses (8) (5) 60% (2) NM Remeasurement (gains) losses of future policybenefit reserves — — —% — —% Change in fair value of market risk benefits — — —% — —% Amortization of deferred acquisition costs — — —% — —% Interest and debt expense (15) (14) 7% (14) 7% General and administrative expense (19) (21) (10)% (26) (27)% Adjusted operating expenses (369) (367) 1% (354) 4% Pretax adjusted operating earnings (loss) $ — $ — —% $ — —% The majority of the amounts represent the impact of inter-segment transfer pricing for both revenues and expenses. NM Not Meaningful - variance equal to or greater than 100% (1) (1) 21
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Ameriprise Financial, Inc. Capital Information (in millions, unaudited) September 30,2025 September 30,2024 June 30,2025 Long-term Debt Summary Senior notes $ 3,100 $ 3,400 $ 3,100 Finance lease liabilities 1 11 4 Other (24) (17) (25) Total Ameriprise Financial long-term debt 3,077 3,394 3,079 Non-recourse debt of consolidated investment entities 2,607 2,271 2,726 Total long-term debt $ 5,684 $ 5,665 $ 5,805 Total Ameriprise Financial long-term debt $ 3,077 $ 3,394 $ 3,079 Finance lease liabilities (1) (11) (4) Other 24 17 25 Total Ameriprise Financial long-term debt excludingfinance lease liabilities and other $ 3,100 $ 3,400 $ 3,100 Total equity $ 6,455 $ 5,715 $ 6,082 Equity of consolidated investment entities (1) (1) (1) Total equity excluding CIEs $ 6,454 $ 5,714 $ 6,081 Total Ameriprise Financial capital $ 9,532 $ 9,109 $ 9,161 Total Ameriprise Financial capital excluding finance leaseliabilities, other and equity of CIEs $ 9,554 $ 9,114 $ 9,181 Debt to capital Total Ameriprise Financial long-term debt to totalAmeriprise Financial capital 32.3 % 37.3 % 33.6 % Total Ameriprise Financial long-term debt to totalAmeriprise Financial capital excluding finance leaseliabilities, other and equity of CIEs 32.4 % 37.3 % 33.8 % Includes adjustments for net unamortized discounts, debt issuance costs and other lease obligations. Includes accumulated other comprehensive income, net of tax. (1) (1) (2) (2) (1) (2) 22
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Ameriprise Financial, Inc. Consolidated Balance Sheets (in millions, unaudited) September 30,2025 December 31,2024 Assets Cash and cash equivalents $ 9,574 $ 8,149 Cash of consolidated investment entities 188 373 Investments 57,178 56,423 Investments of consolidated investment entities 2,640 2,387 Market risk benefits 2,225 2,182 Separate account assets 80,679 78,114 Receivables 14,994 14,472 Receivables of consolidated investment entities 79 31 Deferred acquisition costs 2,634 2,677 Restricted and segregated cash and investments 1,190 1,444 Other assets 18,705 15,149 Other assets of consolidated investment entities — 2 Total Assets $ 190,086 $ 181,403 Liabilities Policyholder account balances, future policy benefits and claims $ 45,744 $ 41,873 Market risk benefits 1,229 1,263 Separate account liabilities 80,679 78,114 Customer deposits 33,629 35,826 Short-term borrowings 201 201 Long-term debt 3,077 2,842 Debt of consolidated investment entities 2,607 2,429 Accounts payable and accrued expenses 2,694 2,704 Other liabilities 13,528 10,609 Other liabilities of consolidated investment entities 243 314 Total Liabilities 183,631 176,175 Equity Ameriprise Financial Common shares ($.01 par) 3 3 Additional paid-in capital 10,310 10,141 Retained earnings 26,807 24,713 Treasury stock (29,696) (27,721) Accumulated other comprehensive income, net of tax (969) (1,908) Total Equity 6,455 5,228 Total Liabilities and Equity $ 190,086 $ 181,403 23
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Ameriprise Financial, Inc. Reconciliation Table: Earnings Quarter EndedSeptember 30, % Better/(Worse) Per Diluted ShareQuarter EndedSeptember 30, %Better/(Worse)(in millions, except per share amounts, unaudited) 2025 2024 2025 2024 Net income $ 912 $ 511 78% $ 9.33 $ 5.00 87% Adjustments: Net realized investment gains (losses) 11 (6) 0.11 (0.06) Market impact on non-traditional long-durationproducts (82) (402) (0.84) (3.93) Mean reversion-related impacts — 1 — 0.01 Net income (loss) attributable to consolidatedinvestment entities 3 5 0.03 0.05 Tax effect of adjustments 15 85 0.16 0.83 Adjusted operating earnings $ 965 $ 828 17% $ 9.87 $ 8.10 22% Pretax impact of annual unlocking (6) (94) (0.06) (0.92) Tax effect of annual unlocking 1 20 0.01 0.19 Adjusted operating earnings, excluding unlocking$ 970 $ 902 8% $ 9.92 $ 8.83 12% Weighted average common shares outstanding: Basic 96.3 100.4 Diluted 97.8 102.2 Pretax adjusted operating adjustment. Calculated using the statutory tax rate of 21%. (1) (1) (1) (2) (2) (1) (2) 24
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Ameriprise Financial, Inc. Reconciliation Table: Earnings Year-to-dateSeptember 30, % Better/(Worse) Per Diluted ShareYear-to-dateSeptember 30, %Better/(Worse)(in millions, except per share amounts,unaudited) 2025 2024 2025 2024 Net income $ 2,555 $ 2,330 10% $ 25.83 $ 22.53 15% Adjustments: Net realized investment gains (losses) (9) (9) (0.09) (0.09) Market impact on non-traditional long-durationproducts (323) (322) (3.27) (3.11) Mean reversion-related impacts 1 1 0.01 0.01 Net income (loss) attributable to consolidatedinvestment entities 1 3 0.01 0.03 Tax effect of adjustments 70 69 0.71 0.66 Adjusted operating earnings $ 2,815 $ 2,588 9% $ 28.46 $ 25.03 14% Pretax impact of annual unlocking (6) (94) (0.06) (0.91) Tax effect of annual unlocking 1 20 0.01 0.20 Adjusted operating earnings, excludingunlocking $ 2,820 $ 2,662 6% $ 28.51 $ 25.74 11% Weighted average common shares outstanding: Basic 97.4 101.6 Diluted 98.9 103.4 Pretax adjusted operating adjustment. Calculated using the statutory tax rate of 21%. (1) (1) (1) (2) (2) (1) (2) 25
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Ameriprise Financial, Inc. Reconciliation Table: Pretax Adjusted Operating Earnings Quarter Ended September 30, (in millions, unaudited) 2025 2024 Total net revenues $ 4,791 $ 4,397 Adjustments: Net realized investment gains (losses) 11 (6) Market impact on non-traditional long-duration products 1 5 Mean Reversion related impacts (1) — CIEs revenue 47 53 Adjusted operating total net revenues 4,733 4,345 Annual unlocking 120 (5) Adjusted operating total net revenues, excluding unlocking $ 4,613 $ 4,350 Total expenses $ 3,617 $ 3,752 Adjustments: CIEs expenses 44 47 Market impact on non-traditional long-duration products 83 407 Mean reversion-related impacts (1) (1) Adjusted operating expenses 3,491 3,299 Annual unlocking 126 89 Adjusted operating total net expenses, excluding unlocking $ 3,365 $ 3,210 Pretax income $ 1,174 $ 645 Pretax adjusted operating earnings $ 1,242 $ 1,046 Pretax adjusted operating earnings, excluding unlocking $ 1,248 $ 1,140 Pretax income margin 24.5 % 14.7 % Pretax adjusted operating margin 26.2 % 24.1 % Pretax adjusted operating margin, excluding unlocking 27.1 % 26.2 % Ameriprise Financial, Inc. Reconciliation Table: Effective Tax Rate Quarter EndedSeptember 30, 2024 (in millions, unaudited) GAAP AdjustedOperating Pretax income $ 645 $ 1,046 Income tax provision $ 134 $ 218 Effective tax rate 20.7 % 20.8 % 26
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Ameriprise Financial, Inc. Reconciliation Table: Effective Tax Rate Quarter EndedSeptember 30, 2025 (in millions, unaudited) GAAP AdjustedOperating Pretax income $ 1,174 $ 1,242 Income tax provision $ 262 $ 277 Effective tax rate 22.3 % 22.3 % Ameriprise Financial, Inc. Reconciliation Table: Return on Equity (ROE) Excluding AccumulatedOther Comprehensive Income “AOCI” Twelve Months Ended September 30, (in millions, unaudited) 2025 2024 Net income $ 3,626 $ 2,707 Less: Adjustments (136) (642) Adjusted operating earnings 3,762 3,349 Less: Annual unlocking (5) (74) Adjusted operating earnings, excluding unlocking $ 3,767 $ 3,423 Total Ameriprise Financial, Inc. shareholders’ equity $ 5,781 $ 4,828 Less: Accumulated other comprehensive income, net of tax (1,347) (1,926) Total Ameriprise Financial, Inc. shareholders’ equity excluding AOCI 7,128 6,754 Less: Equity impacts attributable to the consolidated investment entities — (3) Adjusted operating equity $ 7,128 $ 6,757 Return on equity excluding AOCI 50.9 % 40.1 % Adjusted operating return on equity, excluding AOCI 52.8 % 49.6 % Adjusted operating return on equity, excluding AOCI and unlocking 52.8 % 50.7 % Adjustments reflect the sum of after-tax net realized investment gains or losses, net of the reinsurance accrual; the market impact on non-traditional long-duration products (including variable and fixed deferred annuity contracts and UL insurance contracts), net of hedges and related reinsurance accrual; mean reversion related impacts; the market impact of hedges to offset interest rate and currency changes on unrealized gains or losses for certain investments; block transfer reinsurance transaction impacts; gain or loss on disposal of a business that is not considered discontinued operations; integration and restructuring charges; income (loss) from discontinued operations; and net income (loss) from consolidated investment entities. After-tax is calculated using the statutory tax rate of 21%. After-tax is calculated using the statutory tax rate of 21%. Adjusted operating return on equity excluding AOCI is calculated using adjusted operating earnings in the numerator, and Ameriprise Financial shareholders’ equity excluding AOCI and the impact of consolidating investment entities using a five-point average of quarter-end equity in the denominator. After-tax is calculated using the statutory tax rate of 21%. (1) (2) (3) (3) (1) (2) (3) 27